The company intends to garner up to Rs 215 crore through fresh issue of shares, while its existing shareholders will offload 9,00,000 equity shares, as per the Draft Red Herring Prospectus (DRHP) filed with Sebi.

Established in 1989, the company manufactures and exports knitted garments for infants and children. The firm also manufactures and retails menswear in India under the brand 'Crocodile'.

The company said that proceeds from the fresh issue will be utilised for repayment of debt, expansion and modernisation of manufacturing facility at Salem in Tamil Nadu and opening of new stores for the sale of 'Crocodile' products.

The funds raised will be also used for addition of balancing machineries for its existing dyeing unit at Sipcot, Perundurai in Tamil Nadu and other general corporate purposes.

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